Some brands are very popular and have high level of awareness in terms of name recall and recognition while others are entirely unheard by the people. Strategic Brand Management Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. Brand management essentials, basics, and important concepts explained. Prohibited Content 3. Without brands, human beings would be like fish without water. Disclaimer 9. Brands are unique in many ways as they are characterized by enormous amount of complexity, which results from the service attributes of the retailers as well as from the multiplicity of the brand attributes. Article Google Scholar Content Guidelines 2. Brand Management- the Functional side of the Brand. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. It draws its brand strength from location, accessibility, personal attention philosophy, long trading hours, affordable prices and service. Branding forms customer perceptions about the product. Brand management is a concept which deals with strategizing and evaluating brands in terms of brand positioning, target customers, brand perception and brand image. McElroy graduated from Harvard in 1925 and landed a position with Procter & Gamble. These associations represent what the brand stands for and imply a promise to customers from the organization members”. (iv) Make the brand easy to remember and develop repeat usage. It means what the other brands offer to consumers in terms of features and benefits. Analyse the nature and meaning of brand management, Compare and contrast theories on how customers develop relationships with brands and how companies develop effective brand strategies, Evaluate measures of brand equity and brand management systems, Analyse the relative effectiveness of a range of communications tools in communicating the brand essence and values to diverse audiences, Evaluate the role of integrated communications in building strong brands and brand relationships, Prepare an integrated marketing communications plan. Treasure Trove: ICSE SHORT STORIES and POEMS, How to write an essay for a STUDY ABROAD program, Academic writing tips for project, dissertation research work, Differences: Thesis, Dissertation, and Research Paper, The product represents a functional improvement on competing or substitute products, The product and/or its labeling has an attractive design, The new product is properly branded, promoted and advertised, The new product is readily available to customers in the main retail shops, A number of after-sales services are provided that make the product appealing to consumers, Brands reside in the minds of the consumer, Rooted in reality but reflecting our strangeness, Brands provide a meaning and a label to a product, Consumers must be able to perceive differences among brands in the same product category. Highlight your brand authenticity and USPs to stand out from the rest. Considering the presence of more than 12 million kirana stores in the country, neighbourhood kirana store stands to be the strongest retail brands in India. Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. What do you want others to know and say about your products or services? Plagiarism Prevention 4. Brand and product management is a unique course which enables you to first understand the importance of brand and product management and then use brand development, architecture and portfolios, in order to achieve success. Looking for project help, assignment help, writing help, research help? It is comparison between your prices and competitors’ prices. Feb. Ranga Marketing Concepts has helped small and large businesses create their brand presence and achieve their goals. Critical to effective brand management is the clear definition of the brand's audience and the objectives that the brand needs to achieve. The authors present a normative framework, termed brand concept management (BCM), for selecting, implementing, and controlling a brand image over time. Want us to review, proofread or tidy up your work to help you get more marks? Similarly, in the consumer goods industry especially FMCG and consumer electronic products category, each brand has its position in the customer’s mind and delivers high set of values than these of other competing brands. According to this theory, the positive behavior of a customer towards a brand has three different aspects: Emotional attachment, Brand evaluation, and Behavioral aspect. Brand identity needs to focus on authentic qualities – real characteristics of the value and brand promise being provided and sustained by organizational and/or production characteristics. It should raise customer expectations about the product. A successful brand like Dabur’s “Vatika” may be used as a platform to launch new related products. A brand is a name, term, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer. Camay soap became his focus. Privacy Policy 8. The beginning of an execution strategy is the brand positioning statement. ... Journal of Brand Management 16: 234–247. It is based on the concept that consumers buy not only a product but also the bundle of associations such as wealth, power, sophistication, etc. Image Guidelines 5. The brand management consists of tangible and intangible elements. The marketer needs to develop a good relationship with target customers to enhance brand image. As compared to financial measures of brand equity, brand extensions are more difficult to quantify. It involves: (i) Does your brand offer what customers want? When responses are similar, quick or describe the product/experience in some way, image is said to be strong. This is done to attract customers. For brand management, the company should maintain a good image among the customers. Following are the important concepts of brand management: Understanding Brand – What is a Brand ? Some brand acquires a bad reputation that results in negative brand equity. Brand Attribute: This includes brand characteristics and its core values. Define your brand. For instance, when the stock broking agent is ‘Reliance’ or coconut oil is ‘parachute’, its value moves upwards. Brand management is a communication function that includes analysis, planning and positioning the brand in the market. Being the best … This shift is the result of brand name. Brand Management Concepts LLC is a New York Domestic Limited-Liability Company filed on September 23, 2005. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Brand identity describes what the brand is all about, what its inherent features are and how it is different from other competing brands while brand image reflects the perceptions of customers about the brand. Brand Management describes the process of building, managing and improving a brand. Alexander proposed that types of brand associations can be hard and soft and brand images consist of three elements: image of provider, image of product and image of user. Before publishing your articles on this site, please read the following pages: 1. Here some major factors are discussed that go into defining a brand position: It means what the brand delivers through features, applications and benefits to consumers: Are customers ‘expectations’ fulfilled from a brand? From essential information to weird (but true!) This is achieved through brand image, brand name, service, design, guarantee, warrantee, packaging, delivery, etc. Employees who stay longer and work harder. Reports have shown that actual experience by the customer implies that trial samples are most effective than advertising during introduction stage of building a strong brand. One of the widely used ways to measure brand equity is to determine the price premium that a brand holds over a generic product. Log in. Sometimes it refers to the process of planning, organizing, staffing, directing, coordinating and controlling, at other times it is used to describe it as a function of managing people. Demonstrate ability to examine their understanding of the learning they have gained and how this learning has helped build both cognitive and behavioural skills. (iii) Brand equity like an asset can be sold or leased. It’d be how you introduce yourself to new friends (er, customers) and how you build a trusting relationship with them. Your email address will not be published. However, marketing expenses must be taken into account when using this method to measure brand equity. A book that superbly bridges the academic domain and enables Brand attributes include consistency, credibility, sustainable, relevancy and appealing. How to value and capture returns to brands across the organisation - introducing the new concept of employee-based brand equity - and how this is different from the valuation of brands as intangible assets. It is the technique of creating and sustaining a brand. Brand Management – CL vs NB (Part II) Last week we reviewed the differences between national brands (NB) and Control Label (CL) products and we answered a consumer-conundrum question: Can we get more for less? Attitude strength comes from experience with a product. Considering the fundamental nature of the brand management, elements of branding are studied under following four key concepts: In retailing world, different brands vary in the power and value they command. Copyright 10. Brand Name: It is that name which is given by the manufacturer or maker of the product or a range of products. 1. For example, if consumers are willing to pay Rs.20,000 more for a branded jewellery over the same unbranded brand, this premium provides important information about the value of the brand. Subsequently, appropriate brand extension can enhance the core brand. A brand's concept is used to give consistency to a brand's identity. Brand equity is not always positive in value. Managing everything from merchandising, scheduling and event execution, our process is designed for your brand to stand out and get noticed by consumers on a daily basis. It is nothing but developing a promise to the consumer, materializing that promise, and maintaining the same for a product, a group of products, or services. Brand image can be reinforced by brand communications such as packaging, customer service, promotion, advertising, word-of-mouth and so on. By that, I mean businesses are customer-oriented, but they satisfy their needs through their product development and provide flawless features. Brand Positioning: This involves determining where the brand is standing in the competitive market. Branding is the art and cornerstone of marketing. The reason behind the growing popularity of brand equity concept is because of the fact that several marketing researchers have concluded that brands are one of the most valuable assets that a company has. (ii) Facilitates a more predictable income stream. Branding is a process which involves creating a specific name, logo, and an image of a particular product, service or company. Brand identity refers to an insider’s concept reflecting brand manager’s decisions of what he wants to communicate to its potential customers. TOS 7. Thus, brand identity refers to an insider’s concept reflecting brand manager’s decisions of what the brand is all about. In simple sense, it means how a brand is seen in the market place focuses on what is unique to the brand. 3. Management: Definitions, Concept, Objectives and Scope! The Brand Concept should encompass the important and crucial messages and information that the brand wishes to convey to its stakeholders that include employees, customers, vendors, sponsors, and investors. Want a helping hand so that you can focus on the more important tasks or spend more time with family. If your business was a person, your brand would be its personality. I firmly believe that the concept of brand experience captures the very essence of branding much more than analytically and cognitively oriented brand concepts such as brand equity, brand value, brand associations, brand attitudes and brand personality. The brand equity is an intangible asset that depends on associations made by the consumer. Content Filtrations 6. A strong brand not only sells itself but increases the consumer’s attitude strength toward the product associated with the brand. Brand Management can be defined as formulating an emotional and psychological connection of the company’s products and services with the customers with an agenda to gain the competitive edge in the industry by segregating the offering as compared to the contemporaries and increasing the brand loyalty amongst the customers and stakeholders. This is what we call brand management. Brand Management “Without question, branding is a complex management area that deserves study from a variety of different perspectives and academic traditions. What is a Brand The American Marketing Association defines brands as a “name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers” Beyond The Purpose Of Brand Purpose: It’s increasingly clear that today you have to stand for … Creating a unique position in the market place involves the careful selection of target market and establishing clear differential advantages in the minds of customers. Be (Yo)unique. The messaging statements of the brand comprise of the mission statement, vision statement, and corporate guidelines. The theory of brand loyalty explains the relationship of customers' psychology with the brand of a company. The statement basically describes the “place” that a brand should occupy in the minds of target customers. The Registered Agent on file for this company is Brand Management Concepts LLC and is located at 1 River Place, Suite 2812, New York, NY 10036. It is usually done through advertising with a consistent theme. Brand identity refers to an insider’s concept reflecting brand manager’s decisions of what he wants to communicate to its potential customers. The main benefit of brand extension is to take the benefits of brand awareness and thus reducing the advertising expenditures and risk associated with new launch. Aaker defines brand identity as “a unique set of brand associations that the brand strategist aspires to create or maintain. At the core of this concept is the principle of quality, performance, and innovation. The main objective of brand management is to ensure that the product and service highlight the quality of the brand. Product concept – customers want features The product concept focuses more on the customers, rather than society. Brand Management Concepts Case Solution. Brand management helps to manage the tangible and intangible characteristics of a brand. Effective brand management enables the … The tangible elements include product, price, packaging, style etc. In modern terms, a … Ask yourself two key questions to help determine your brand objectives: What is it that you want your brand to do for your company? Sales people whose jobs are easier and more effective. Brand Management - Meaning and Important Concepts The aim of branding is to convey brand message vividly, create customer loyalty, persuade the buyer for the product, and establish an emotional connectivity with the customers. For instance, the name of a product from the house of Tata or Shaktiman adds radical value to the product. Tangibl… facts, picture galleries, videos and more, StudyMumbai.com offers easy-to-understand learning resources for all the topics (history, geography, science, hindi, etc.) According to Aaker, “Brands have equity because of their high awareness, many loyal customers, a high reputation for perceived quality, proprietary assets such as access to distribution channels or to patents or the kind of brand associations (such as personality associations). Management Study Guide is ISO 9001:2015 Certified Management Courses Provider. Brand management is the process of identifying the core value of a particular brand and reflecting the core value among the targeted customers. In case responses are highly variable, not quick, or refer to non-image attributes such as cost, it indicates weak brand image. By providing a multi-disciplinary ... ifies the brand concept. It can be described as the first thing you want to pop into your customer's head when they think of your brand. 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